Shiba Inu (SHIB) price closed below an important horizontal support level at $0.0000080. This is a sign that the trend is turning bearish.

Until Shiba Inu recovers above this level, the trend is bearish and the SHIB price may make new lows.

Shiba Inu broke through key support

As the results of technical analysis of the weekly chart show, the rate of the popular meme coin SHIB made a rebound (green icon) on June 10 and formed a long lower wick. Such a wick is considered a sign of buying pressure. Since then, the price of Shiba Inu has risen and reached a high of $0.00001135 in August.

However, the price has since been pulled back from the descending resistance line (red icon) and has been falling ever since. Last week, it sagged below the $0.0000080 horizontal support area.

At first, it appeared that the SHIB price had recovered above this support area. However, last week’s drop indicates that this is not the case. Now it is expected that the $0.0000080 area will once again play the role of resistance.

Если снижение продолжится, то ближайшая область поддержки будет находиться на уровне $0,0000060, на 20% ниже текущей цены. С другой стороны, если SHIB восстановится над $0,0000080, то следующее сопротивление вступит в игру на уровне $0,0000150, что будет означать рост на 100% от текущих уровней.

By Linda

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